Russia discusses usage of local currencies in bilateral trade

He also noted a growing use of the rouble in bilateral trade. Thus, the rouble has begun performing the function of a regional reserve currency

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MOSCOW, October 6 (Itar-Tass) — Russia is discussing with Brazil, Turkey and Vietnam the usage of local currencies in bilateral trade, the first deputy chairman of the Central Bank of Russia, Alexei Ulyukayev, told the Russia Calling investment forum on Thursday.

According to Ulyukayev, an agreement on that already exists with some countries, for example with China. “We are at the stage of making such agreements with Brazil, Turkey and Vietnam,” he added.

He also noted a growing use of the rouble in bilateral trade. Thus, the rouble has begun performing the function of a regional reserve currency, Ulyukayev emphasized.

Besides, he noted a big interest of major investors in instruments of the Russian money market.